In the US a total of 216,000 jobs were shed in August, slightly lower than July’s 247,000 jobs and significantly lower than the average 691,000 per month in the first quarter. The Labor Department reported jobless rate soared to 9.7 per cent.

The unemployment rate rose to 9.7 per cent, the highest level since 1983, a time when unemployment rate was 10.1 per cent. Most economists expect the jobless rate to peak in 2010 at above 10 per cent.

The construction industry alone shed 65,000 jobs. Factories around 63,000 jobs. Retailers slashed 9,600 positions. The financial sector a whopping 28,000 jobs and professional and business services eliminated around 22,000 jobs.

SInce the recession began in December 2007, the economy has shed a net total of 6.9 million jobs.

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